teams + trends – what trade and industry can learn from music business

Speech by Thomas M. Stein

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The music business and its players are considered to be hip trendsetters. Many trendsetting developments have had their origin in this extremely fast moving market. Old sales structures being replaced by download purchases „on demand“, rapid changes in the media used – switching from MC and records to CD and MP3 -, and new business models such as music file sharing services on the internet are only some of the examples of the past years. Tastes are constantly changing, new styles are being developed, in short, it’s a people’s business, vibrant and highly adaptive.

Good observation skills, decisiveness and reacting quicker than the rest of the market are the road to success. It is essential to be a “first mover”, to identify the ever changing demands of the market, to adapt to new situations quickly, to set new trends and to seize the moment. Think out of the box, have the courage to try something new, be inspired by creative outsiders, go with your gut feeling and dare to go down paths nobody has ever gone before. 

Global Top Speaker Thomas Stein, actively participated in shaping many innovative business models in the music industry. In his speech, he describes the requirements, the approaches and the negotiation strategies and skilfully transfers them to other economic sectors. It is not important where you are creative but it is important to discover unusual market entry strategies or cooperation opportunities and to effectively adapt marketing and communication strategies to the dynamic markets. And above all: Your heart must be in it. Top manager Thomas Stein knows: Trends and ideas are not generated single-handedly.

In the second part of his vivid speech that is full of practical hints and tips, he focuses on how to capitalise on the potential of a heterogeneous team in an optimum way. Stein’s recommendation is: Initiate teamwork across all hierarchy levels and work areas. Go unusual paths, even go to different locations. But be aware of how heterogeneous teams can be controlled efficiently. In the music business, Stein learned how to skilfully join together expertise from the texting, composing and selling sectors and how to have creative people and marketers work together to get the best out of a product. The distinct goal being: Rendering a song / an artist / a product unique and successful. Such a feat cannot be accomplished without true commitment and mutual trust. 

Furthermore, apart from creative people and economists, professional project managers and programmers are required. Often, this combination of various qualifications, backgrounds and objectives is the key to success. It is like composing a piece of music with all its diversities, in business teams you need different personalities and different skills to accomplish a joint effort. With good management instincts, a special mix of methods, a distinct goal in mind and the firm belief in yourself and the team, you can achieve something really, really big.

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